KARACHI, Oct 8: The share market on Monday welcomed the unofficial re-election of President Musharraf, but analysts warned investors not to be carried away by current buying euphoria before the final ruling of the apex court on his eligibility and official notification.

The market’s bullish reaction was also well reflected in the KSE 100-share index, which bettered its previous all-time high record of 14,236 at 14,366.99 points, up by 267.69 points or about two per cent. The market capital soared by Rs80bn to Rs4.4 trillion or $74 billion.

Much of the rise in the index was contributed by half a dozen leading base shares, notably National Bank, Pakistan Petroleum, Bank Alfalah, Askari Bank, Bank of Punjab and OGDC. The KSE 30-share index rose by 386.91 points at 17,718.51 points.

The larger bench of the Supreme Court will resume hearing on the petitions on the eligibility of Musharraf as presidential candidate in uniform. The apex court had allowed the holding of election on Oct 6 but had banned official notification of poll result until final ruling on the issues.

Analysts were divided on the final court ruling after Oct 17. Most optimistic among them say the court may go with the popular response.

“The progressive rise in the single session volume to over 300m shares is considered as a barometer of investor confidence in the market and reflects the future viability of the share market,” they said.

But some others say the matter involves important constitutional issues, which will have far-reaching impact on the future political setups and the apex court would like to decide them once for all, protecting the national unity.

“The apex court verdict could be either-way but will certainly be based within the constitutional framework,” said a leading analyst, adding “it may not be wise decision to jump to hasty conclusions this early stage of the legal process”.

He said the market’s chief worry is still there in the form of political uncertainty and that would perhaps end with the court ruling on the petitions.

The market has been in the tight grip of speculative traders for the last couple of weeks, of course, with snap interruptions but the post-election buying euphoria should be weighed in the backdrop of objective legal points and their strict adherence, some others said.

However, those investors who were not inclined to ride the bandwagon decided to watch the course of the apex court proceedings before joining the main stream, they said.

Top gainers were led by Pakistan Resource Co and Colgate Pakistan, up by Rs20.10 and Rs22.00, followed by Arif Habib Securities, Arif Habib Ltd, Javed Omer, JS Global, Adamjee Insurance, EFU General, Mirpurkhas Sugar, Pakistan Refinery, PSO, Shell Pakistan, Pakistan Oilfields, Pakistan Petroleum, HinoPak, Indus Motors, Dawood Hercules, Clariant Pakistan, Grays of Cambridge, Cherat Papersack, Murree Brewery MCB and Shezan International, up by Rs7 to Rs18.25.

Lakson Tobacco and Nestle Pakistan, were among the leading losers, which fell by Rs20.10 and Rs45. Sapphire Fibres, Al-Ghazi Tractors, Millat Tractors, Engro Chemical, Gillette Pakistan and Pakistan Services followed them, off by Rs4.25 to Rs8.

Trading volume to 344m shares from the previous 290m shares as gainers maintained a strong lead over the losers at 228 to 99, with 33 shares holding on to the last levels.

TRG Pakistan topped the list of actives, steady by 60 paisa at Rs14.95 on 44m shares followed by OGDC, up by Rs1.85 at Rs125.40 on 28m shares and Pakistan Petroleum, sharply higher by Rs8.35 at Rs285.60 on 25m shares.

National Bank, higher by Rs3.90 at Rs278.85 also on 25m shares, Askari Bank, up by Rs5 at Rs105.25 on 21m shares, Bank Alfalah, Rs1.95 at Rs62.10 on 19m shares and Bank of Punjab, higher by Rs3.70 at Rs108.70 on 13m shares.

Other actives were led by NIB Bank, up by Rs1.05 on 19m shares, Fauji Fertiliser Bin Qasim, steady by 30 paisa on 13m shares and Arif Habib Securities, sharply higher by Rs7.20 on 9m shares.

FORWARD COUNTER: Bank of Punjab led the list of actives on this counter, up by Rs2.65 at Rs108.90 on 10m shares, Pakistan Petroleum, higher by Rs8.25 at Rs257.35 also on 10m shares and D.G. Khan Cement, easy by 20 paisa at Rs112.00 on 8m shares.